LinkedIn cuts 10 percent of its workforce

Business-focused social-networking site LinkedIn announced Wednesday that it is cutting 10 percent of its workforce, or about 36 jobs, as part of a restructuring to focus on its revenue-producing businesses.

Company representatives did not immediately respond to requests for comment.

The layoffs follow LinkedIn's announcement last month that it had raised an additional $22.7 million in funding from Goldman Sachs, SAP, McGraw-Hill, and longtime investor Bessemer Venture Partners. That round followed a $53 million series D funding round in June that gave LinkedIn a valuation of $1 billion. The latest round of funding brings the total funds raised to just more than $100 million.

The job cuts also come on the heels of the unveiling last week of LinkedIn's new developer platform, as well as third-party apps that aid in trip tracking, file sharing, and presentations.

The site, which claims about 30 million members, is small in comparison with social-networking sites Facebook and MySpace. But the average LinkedIn member is 41 years old and earns about $110,000 a year.

Its white-collar focus--billionaire Bill Gates is proud of his profile--means that LinkedIn can attract premium advertisers and charge quite a bit for ads--reportedly $75 per thousand impressions.

[BeyondGreen]

I hope Obama follows through on his promises to lead America into Energy Independence. This past year the high cost of gas has strained our economy and damaged our society. Between fueling our vehicles and paying more for every consumer product there was little to no money left over for saving or investing. People are losing jobs and homes in record high numbers. Gas comes down, OPEC cuts production and gas will be rising again soon. WE have spent trillions on bail outs and stimulus checks. Our nation needs to invest in renewable energy and strive to become energy independent. Wind,solar and electric cars could replace a huge percentage of imported oil. We could produce cheap electricity and at the same time create millions of badly needed jobs. Renewable energy would be a win-win situation for our nation. [CNET editors' note: Prohibited content deleted.]

[mc_malia]

He won't be able to do anything. It will be impossible to get thru this mess that WE are responsible. We were so materialistic and wasteful...we bought houses knowing full well that we couldn't afford them.

[orimta]

I wonder why they cut people - LinkedIn is oneof the very few companies in the social media space which has a solid business model and claims it is profitable. Maybe it is a hint for a deal coming soon?

my comments at http://www.commentino.com/orim

[Too Old For IT]

I hope that the Democrats can come through with the promise of several million .. maybe tens of millions .. of new middle-class income jobs that a person with only a highs school diploma and a minimal skill set can easily obtain.

Otherwise, we are in for a long, long depression.